The City Journal reports on the sorry situation of California:
"The economy is struggling, the unemployment rate is high, and many Americans are struggling to pay the bills, but one class of Americans is doing quite well: government workers. Their pay levels are soaring, they enjoy unmatched benefits, and they remain largely immune from layoffs, except for some overly publicized cutbacks around the margins".
"The situation in Ontario is not much different. The provincial government publishes the list of public employees who make more than $100k/year. With the last data available, this includes a mind boggling 53,300 employees."
Looks like Socialist States are the same no matter what Country they're in. Our neighbors to the north seem to be having the same Civil Service and Real Estate problems as the US, but their MSM refuses to admit it. Blogs like The Shocked Investor are the only ones who will acknowledge the problems, or they may just be the only ones who see and believe they exist. Either way, the world has a financial problem and it's much bigger than a Recession, and more wide spread than California and Ontario.
What bothers me is that so many are commenting on the US/World economy and markets as though this has been an ordinary cyclical recession and it is done. Let me assure you it is not.
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